Market Research in Slovakia
Slovakia is a country in central Europe. It neighbors Poland, Ukraine, Hungary, Austria, and the Czech Republic.
More than four-fifths of its people are ethnic Slovaks. The largest minority group is the Hungarians, though they comprise less than a tenth of the people in the country. Small numbers of Czechs, as well as Germans and Poles, also live in Slovakia. In addition, Gypsies roam the eastern zone.
The primary language is Slovak. The people also speak Hungarian, Polish, German, and Ukrainian.
Most Slovaks are Roman Catholic. Protestant churches, such as the Lutheran and the Calvinist, make up most of the other faiths. More than a tenth of the people have no beliefs.
The currency is the euro.
The strong manufacturing sector takes up a large part of the labor force. Yet, the auto industry is the biggest sector, and growing fast. Another important sector is electronics, machinery, and steel. Slovakia also produces:
- Food and beverage processing
- Tourism and service industries
The city of Bratislava is the capital, located in the southwest, along the Danube, Europe’s second-longest river. It became the capital after the first World War.
Of note is the Bratislava Castle looming above the Danube. This castle was the home of the royal family centuries ago. It burned to the ground in 1811 due to the carelessness of Napoleon’s soldiers. City authorities restored it in 1957 and did further work in 2000. It is now a landmark.
Bratislava is a cultural space and home to the Slovak National Theatre. The Slovak National Gallery and Museum is also in this city. Moreover, it is a hub for schools such as Comenius University and the Slovak Academy of Sciences. The city also has several technical schools.
There is a low density of settlement due to its rough landscape. The Podunajska Lowland has the most people.
The focus has moved from agriculture to a thriving manufacturing sector. There has been urban drift since World War II. More than half of the people now live in the cities.
Ecommerce is another trend that has climbed over the past years.
Benefits and Strengths of the Market
- It has Eurozone membership
- Platform for the European automotive and electronics sectors
- Sturdy fiscal structure governed by foreign groups
Slovakia has a well-educated consumer base.
e-Commerce has grown over the years. Everyday items bought are consumer goods, electronics, software, and TV services. While on lockdown, people preferred to do their grocery shopping online. Online sales are still growing, with Christmas being the best time for businesses. People still prefer stores with e-commerce options. They seem to like having the choice of shipping or collecting on-site.
Many younger Slovaks speak English. Moreover, the general populace shows an interest in American entertainment products.
Reasons to Grow your Business in Slovakia.
- It is a member of many groups like the European Union and the IMF, thus there is access to aid and ease of doing business. Another key point is that its stable policies make it a good place for the U.S. to do business. It is also a member of the EU Schengen Agreement, which grants free movement of people.
- The euro (EUR) boosts its trade benefits. The country’s status as a member of the Eurozone may even help to lower the cost of transactions.
- It is on the way to becoming one of the fastest developing economies in the world. Sectors such as the booming auto industry are driving this growth.
- Foreign investors view the country as ideal due to:
- its political and economic stability
- the helpful tax regime for business
- The educated, skilled workforce with its competitive labor costs
- Being midway between the east and west makes it a hub with excellent export potential. At least it provides access to neighboring countries through road, river, or air.
- Modern infrastructure.
About Market Research in Slovakia
When starting a business, vision and research go hand in hand for success.
For your needs, we set up resources like Focus roGups. In addition, we will do vital Quantitative, Qualitative, and Strategic Research for companies wishing to enter the Slovakian market. To sum up, Surveys, Interviews, and other Market Research methods are essential. These are the tools that will ensure your progress in your business.